"Not for one second" Shark Tank's Kevin O'Leary condemns TikTok going dark

Shark Tank star Kevin O'Leary has made his position quite clear in light of TikTok's impending ban in the US:

"I do not want this shut off, not for one second," he told Fox Business.

The statement comes as ByteDance, TikTok's parent company, faces a Sunday deadline to either sell the platform or lose access to American app stores. The Supreme Court's recent ruling upheld the ban, which President Biden signed into law citing national security concerns.

Kevin O'Leary isn't just talking – he's put $20 billion on the table to buy the platform's U.S. operations, though he's not the only one eyeing the social media giant.

The stakes are enormous. Any service provider continuing to support TikTok after the deadline faces potential fines of $5,000 per day per user – potentially adding up to over a billion dollars daily for the platform's 170 million U.S. users.

The TikTok ban and its implications for Kevin O'Leary’s proposal

The situation has reached a critical point after the Supreme Court's Friday ruling upheld the TikTok ban. Kevin O'Leary explains the severe financial consequences:

"As of midnight on the 19th, any service provider... that could be an Apple, that could be an Oracle, it could be a video compression technology company that's being paid as a consulting service, any of them that keep this thing alive is subject to $5,000 a day fine times 170 million."

While the exact extent of data sharing remains unclear, O'Leary acknowledges the security concerns:

"Nobody knows the extent of which the algorithm provides data. It's been highly speculated."

He supports the Supreme Court's cautious approach, stating,

"There's a reason they ruled in favor of it. It's not worth taking the risk."

"Right now, $20 billion is on the table, cash, cash, $20 billion," O'Leary emphasized during his Fox News appearance. His bid, in partnership with Project Liberty and Frank McCourt, explicitly excludes the Chinese algorithm – a point that aligns with current legal requirements.

When questioned about ByteDance's potential resistance, Kevin O'Leary pointed to a cautionary tale:

"That was tried in India, and all the users went to other platforms, that's not a good outcome for ByteDance shareholders."

India banned TikTok in June 2020, leading to a mass exodus of users to alternative platforms.

The race to buy TikTok

O'Leary's attempt to purchase TikTok is up against fierce opposition. ByteDance investors now have the chance to keep the stakes thanks to Perplexity AI and its proposed merger with TikTok and New Capital Partners. Elon Musk, the CEO of Tesla, is also reportedly a possible acquirer; however, ByteDance rejected this allegation as "pure fiction."

According to YouTuber MrBeast (Jimmy Donaldson), "so many billionaires" have expressed interest in joining his prospective bid. Billionaire Frank McCourt's Project Liberty, supported by O'Leary and Guggenheim Securities, has formally proposed restructuring the business with less data collection.

The situation remains complex. O'Leary notes uncertainty about executive powers versus congressional law:

"We don't know if an executive order can override a law from Congress. There's a case in 1937 that was used successfully, but you don't know."

President-elect Trump and lawmakers are scrambling to find a solution for TikTok's 170 million U.S. users before the deadline. The platform's future hangs in the balance as potential buyers line up and service providers weigh their options against the risk of massive fines.

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Kevin O'Leary has put down $20 billion on the table to buy TikTok's US operations from ByteDance.